Freight Insurance Pt 3 of 3

Freight Insurance Pt 3 of 3

8/29/2014 Umut Türker 3096 Times Read

Events that may not be covered are: abandoned cargo; losses caused by shipping delays; other party failing to pay; spoilage or other damages sue to the product's nature; and others.


There are a lot of differences among the various modes of transport, just as there are differences in different professions. Medical doctors have malpractice insurance whereas construction engineers would have different forms of insurance.


There is a listing of a whole slew of events ("perils" or the aforementioned "Xs") that may or may not be covered on cargo ships, ranging from: jettison; overturning or derailment of land conveyance; vessel stranded, grounded, sunk or capsized; earthquake, volcanic eruption and lightening; contact with other carrier; non-delivery; pilferage; improper stowage by ship-owners; and others.


As I may (or may not) have said in another blog post here, even passengers of cargo vessels are required to have insurance, specifically travel insurance or "deviation insurance" (i.e., insurance in case the cargo ship has to alter or deviate from a course in case of a medical emergency, as there are no doctors on board such a ship). Other modes of ferrying freight have their own unique procedures and methods that need to be protected in case of failure.

How can you avail of protection from events such as these? How can you obtain insurance? Before I retired, I worked for Wells Fargo Bank for 25 years. I am happy to say that they have grown by leaps and bounds and offer such protection. I would be even happier if I got a commission for suggesting them, but I don't. All kidding aside, your best resource are the consultants and brokers at You need them to help transport your goods from Point A to Point B. Ask them how best to ensure that this happens.


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